Zero Percent Interest Credit Cards – How To Get Approved - Rainbow

Zero Percent Interest Credit Cards – How To Get Approved

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Zero per cent interest is a very attractive credit card feature that gains a lot of attention. Although credit cards have the potential of becoming a dangerous tool, they do have practical uses. For example, credit cards allow easy transactions when purchasing items online. Furthermore, credit cards are great to have when having cash flow problems.

However, because of high-interest rates, many consumers avoid using credit cards. Fortunately, there is a way to take advantage…
Zero per cent interest is a very attractive credit card feature that gains a lot of attention. Although credit cards have the potential of becoming a dangerous tool, they do have practical uses. For example, credit cards allow easy transactions when purchasing items online. Furthermore, credit cards are great to have when having cash flow problems.

However, because of high- interest rates, many consumers avoid using credit cards. Fortunately, there is a way to take advantage of credit cards without getting hit with a high- interest rate.

What are Zero Percent Interest Credit Cards?

Perhaps you have seen a credit card offer featuring 0% per cent interest. These types of credit cards are offered by several big-name credit card lenders including Citi, Discover, and American Express. If you have good credit, a 0% interest credit card has many perks.

Of course, the rate does not always remain at 0%. This is called an introductory rate. In other words, you can expect to pay 0% on all purchases for the first six or twelve months. At the conclusion of the interest-free period, applicants will pay a higher rate.

How to Get Approved for a Zero Percent Interest Credit Card

To get approved for a zero per cent interest credit card, you must have good credit. Each lender has a different definition of good credit. Before applying for a zero per cent interest credit card, contact the creditor and inquire about their credit approval guidelines. This way, you avoid unnecessary credit inquiries.

Also, before submitting the application, carefully read the terms of the agreement. This section includes pertinent information such as late fees, over-the-limit fees, penalties for late payments, etc. If acquiring a 0% interest credit card, do not submit late payments. By doing so, the creditor may immediately end the interest-free period. Moreover, being late on another credit account provides creditors just cause to end a 0% interest agreement.

Advantages of Zero Percent Interest Cards

Zero per cent interest credit cards are ideal for financing large purchases which you plan to pay off in a few short months. These cards are more practical than using high-interest credit cards or obtaining a personal bank loan.

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